Apply economic concepts to the design of quality improvement plans for a healthcare facility. Imagine that you have been asked to develop a new quality improvement program to address cost containment in your facility. A memo will be written to the Board of Directors that proposes cost containment projects that reduce facility costs as well as improve quality. Instructions In the memo, discuss why there is a need to balance cost containment with quality improvement. Include at least three specific rationales. Choose at least one cost-containment strategy. Some strategies might include outsourcing services, standardizing clinical processes, reducing overhead, etc. Describe in your memo how you will apply it to an area (pharmacy, therapies, surgery, laboratory, etc.) within the healthcare facility entailing at least three steps. Discuss at least two ways the cost-containment strategy could adversely impact quality. Explain your reasoning.

Provides a description of the importance of balancing quality improvement efforts with cost containment with two rationales.

Include Cost Containment Application,selecta cost-containment strategy application with at least two steps:Reducing overhead, Outsourcing services, etc. Describes how strategy can be applied within a specific area within the facility:Pharmacy,Laboratory,etc. Includepotential adverse ramifications.

Discuss at least two ways the cost-containment strategy could negatively impact qualityand providespecific examples of possible adverse ramifications